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Pier 1 pulls offer to buy Cost Plus

June 25, 2008|From the Associated Press

FORT WORTH — Retailer Pier 1 Imports Inc. said Tuesday that it was withdrawing its offer to buy rival Cost Plus Inc. for $88 million.

Pier 1 said it was unlikely that it would be able to buy the company at a price that would make sense for its shareholders.

The company offered to buy Cost Plus this month in a stock swap transaction. In the proposal, Pier 1 said it would issue 0.6 of a share of its common stock for each share of Cost Plus common stock, implying a value of $4 a share.

Last week, Cost Plus' board of directors rejected Pier 1's offer.

Pier 1 shares rose 3 cents to $4.03.

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